Will I Get BitcoinCash In My Bitcoin Wallet, August 1st?

Will I get BitcoinCash In My Bitcoin Wallet August 1st?

So which exchanges and wallets will support Bitcoin Cash Forked Coin?

Well it depends.

On August 1st, a group of users and some businesses are planning to implement a non-compatible upgrade to the network, raising the blocksize limit to 8MB and removing SegWit. As this upgrade does not have a wide backing of the network, this “hard fork” would split the Bitcoin network in two. As a result, we will be left with the Bitcoin with activated SegWit (through BIP91/BIP141) and its clone, Bitcoin Cash.

Since this is a chain-split, Bitcoin Cash will share its entire transaction history with Bitcoin up until the point of the split, with the history diverging after the split. This means that for whatever amount of bitcoins you had before the split, you will receive that same amount of Bitcoin Cash. You will be able to spend your bitcoin cash without touching your bitcoin.

Now I have been getting it out to the public that it is NEVER advisable to store your bitcoins on public exchanges (Kraken, Poloniex, Bittrex, Cryptopia, viaBTC, etc) or in wallets where you do NOT own the Private Keys such as Coinbase or any wallet developed by FreeWallet.org. They have mobile wallets for many of the popular cryptocurrencies such as Bitcoin, Ethereum, Steem, Monero, etc. You can figure this out in the Google Play store just by looking at the author of the wallet If it is freewallet.org, STAY AWAY!

Regardless of a hard fork or not, in NO case should you store your coins in any wallet where you do NOT own the Private Key! I hope you get that now.

It is okay to have coins in the public exchanges if you want to do quick buy/sell transactions. Just don’t let your cryptocurrencies (coins) sit there as if it is some type of future treasure chest.

Will you be able to access the Bitcoin Cash.

Let me digress and tell you a story about the Ethereum / Ethereum Classic Fork. I was using freewallet.org Ethereum Wallet. When the split occurred, I was supposed to get an equal number of ETC as I had ETH in the wallet.

Guess what?

The freewallet.org crooks, kept all of my and their customers’ Ethereum Classic! … they stole everyone’s ETC.

From another freewallet.org customers via Reddit:

Hi all, I was hoping you might be able to help me out. I have an Ethereum​ account on freewallet.org (I know this was a mistake, I’ve since drained it) however I had some ether in this which pre-dated the DAO hard fork. As I understand it, at the time of the fork I should have had an equal amount of ETH and ETC which shared the mirrored public/private key at the time of the fork. Freewallet doesn’t support ETC, and I can’t seem to find any information online on how to recover the post-fork ETC ‘refund’ from them. I understand it may be gone/essentially stolen by freewallet as they hold the private keys, but I figured I’d reach out to you guys because with the recent rise in ETC value it’s not an insignificant loss.

The answer is in his question “…freewallet…they hold the private keys…”!

So NEVER use Freewallet.org’s wallet AND More specifically ALWAYS own the Private Key to YOU cryptocurrency wallet.

SOME Bitcoin Cash (BCH) Supported Wallets and Exchanges

Bitcoin Cash – BCH Supported Exchanges and Wallets

Bitcoin Cash Supported Wallets

Hardware Wallet – the ultimate in security.

Trezor So what do you have to do to gain access to your Bitcoin Cash coins? Right now, nothing. Your action will be required after August 1st, and only if you want Bitcoin Cash.

We will provide an interface, accessible from TREZOR Wallet, where you can access and safely claim your Bitcoin Cash coins. You will be prompted by TREZOR Wallet once you select “Bitcoin Cash” in the currency selector.

If you want to exchange BCH to BTC, you can always go over to ViaBTC, Kraken and other public exchanges that support BCH and do so.

Remember: Bitcoin and Bitcoin Cash wallet addresses will be DIFFERENT. You cannot send BTC to BCH wallet or BCH to BTC wallet.

The Ledger Nano S – This wallet has a great price point and can be used as a wallet for Bitcoin, Ether, and other Altcoins/Cryptocurrencies.

Exodus will NOT support Bitcoin Cash. Definitely do NOT use Blockchain.info since they are waffling on the matter

Bitpay BitPay wrote on July 28, 2017:

Bitpay’s new statement about BitcoinCash and the Bitcoin Fork. For users of the BitPay and Copay wallet apps, we also have no immediate plans to support BCC. Since these apps are true bitcoin wallets, users hold the private keys and have full, exclusive access to their funds. While users will not be able to observe a BCC balance or create BCC transactions with our apps at this time, it is possible to access BCC at a later date with additional software.

If you have a BitPay or Copay wallet, it is essential that you retain your wallets (or your backup words) and not delete them, even if you empty the BTC balance out of your wallets. While BitPay does not have any plans to write software to support BCC at this time, it is possible for third parties to build tools to allow access to BCC balances from Copay or BitPay wallets.

You should be very careful in the coming days and weeks. There will be scammers sending out emails and creating websites to get you to give them your wallet’s PRIVATE KEY. Do NOT do it. The next article will tell you how to be safe during these crazy times.

There are some people who suggest that you export your private key because the high fees associated with bitcoin transactions. Then can import the private key into one of the wallets that support Bitcoin Cash. I find that a viable solution. But it is easier to simply send your bitcoins from your existing wallet to a new wallet you own. The fees ain’t that darn high!

Remember the following rules when using a mobile wallet:

Always set a pin code protection for your wallet if possible

Never store large amounts of Bitcoin on your mobile wallet. Use a hardware wallet instead

Write down the 12-24 word seed (PRIVATE KEY) you get when you set up your wallet and keep in a safe place.

AFter all of that, here’s the truth of the matter. If you own your private keys, it doesn’t matter which wallet you are using as long as YOU own the Private Key. You may not see the Bitcoin Cash in your wallet, but you can get to it since it will be sitting on the blockchain. I will show you how to do that. The bottom line is for you to NOT panic. All is well.

Exchanges that Supports Bitcoin Cash

Kraken notes that Bitcoin Cash is expected to be a minority chain, with the vast majority of the Bitcoin community remaining on the chain that activates Segregated Witness and, later on, a possible increase to 2MB blocks.

All Kraken clients holding Bitcoin (XBT) balances at the time of the fork will be credited with an equal amount of Bitcoin Cash (BCH)

All Kraken clients borrowing Bitcoin (XBT) for margin trades at the time of the fork will be debited an equal amount of Bitcoin Cash (BCH)

After the fork Kraken will enable BCH trading in the following pairs: BCH/XBT, BCH/USD, BCH/EUR

Kraken-owned Cryptowat.ch will support BCH charts and trading

BCH margin trading may be added at a later date if it survives and trade volume is robust

Bitcoin funding will be halted on August 1st at 11 am UTC. Users are advised not to deposit during the fork

Kraken will halt Bitcoin (XBT) funding at 11 am UTC and safely secure funds during the fork. Funding will be re-enabled after the outcome of the fork is clear and the network is safe

A word of caution: Kraken is making no promises/guarantees/warranties on the outcome of the fork. The company said they will make its best effort to handle things in a way that benefits the most clients, but clients should manage their own wallets/coins if they want perfect control. Kraken advised they will not be held responsible for any circumstances that result in the loss of BCH.

If you have a Bitcoin (BTC) balance on Bittrex during the BCC UAHF time on August 1st, 5:20am (12:20pm UTC), you will be credited the equivalent amount of Bitcoin Cash (BCC) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BCC

NOTE: Coinbase GDAX exchange Will NOT support Bitcoin Cash and Poloniex says “maybe we will … maybe we won’t”. Also the 3 major India Exchanges will NOT support BCHZebpay

If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July. Bitcoin Cash will not be available for customers who leave bitcoins in Zebpay.

Faith Sloan better known as "Queen Wiki" or "Crypto Queen" is a cryptocurrency enthusiast and trader. She has been a software engineer for 40 years and builds Decentralized Apps (DApps) on the Ethereum blockchain and plays with Tech toys. When she is not teaching, researching and writing about Cryptocurrencies, she's traveling the world and feeding her eating hobby.

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Ledger Nano and Trezor are priced in Euros. Are they functional in USD?

myqueen

Yes. Go to Google. Type convert Euros to USD. That would be the price. When you use a debit card to buy anything online, believe me … the merchants know how to get their money regardless of WHAT FIAT currency they display on their site.

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